There is a combination of stupid things happening that have led to this:
1) taking away the auto-bids for mid major conf champions who lose their conf tournament
2) transfer portal opening before the tournaments begin (NCAA basically saying that the NIT doesnt matter, same thing they said about the bowl games by also opening it up before those games leading to opt-outs)
College sports has gone pro, no longer about the fun family event for alumni and fans and students to celebrate a fun season, instead the demand for the “playoffs” and anything less than a national championship considered a failure. No fun for anyone
3) sports betting growing at a ridiculous rate - the NCAA tournament being one of the most bet-on events in all of sports, more teams = more games = more $$$. Same thing with the CFB playoff going from 4 to 14. $$$$$$$$$
4) $$$$$$
5) lack of a commissioner of college sports, and continued diminishing desire by the NCAA to govern anything anymore. They want all the $$$ and none of the risk of getting sued and so basically “take the money and run” literally, letting the college sports model burn up in front of everyone